# Diario Oficial C 266/2010

| | ISSN 1725-244X
  doi:10.3000/1725244X.C_2010.266.spa |
| --- | --- |
| Diario Oficial
  de la Unión Europea | C 266 |
| | |
| Edición en lengua española | Comunicaciones e informaciones | 53o año1 de octubre de 2010 |

ISSN 1725-244X

doi:10.3000/1725244X.C_2010.266.spa

Diario Oficial

de la Unión Europea

C 266

Edición en lengua española

Comunicaciones e informaciones

53o año1 de octubre de 2010

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| Número de información | Sumario | Página |
| --- | --- | --- |
| | II   Comunicaciones |
| | COMUNICACIONES PROCEDENTES DE LAS INSTITUCIONES, ÓRGANOS Y ORGANISMOS DE LA UNIÓN EUROPEA |
| | Comisión Europea |
| 2010/C 266/01 | Autorización de las ayudas estatales en el marco de las disposiciones de los artículos 87 y 88 del Tratado CE — Casos con respecto a los cuales la Comisión no presenta objeciones (
  1
  ) | 1 |
| 2010/C 266/02 | No oposición a una concentración notificada (Asunto COMP/M.5741 — CDC/Veolia Environment/Transdev/Veolia Transport) (
  1
  ) | 2 |

Número de información

Sumario

Página

II   Comunicaciones

COMUNICACIONES PROCEDENTES DE LAS INSTITUCIONES, ÓRGANOS Y ORGANISMOS DE LA UNIÓN EUROPEA

Comisión Europea

2010/C 266/01

Autorización de las ayudas estatales en el marco de las disposiciones de los artículos 87 y 88 del Tratado CE — Casos con respecto a los cuales la Comisión no presenta objeciones (
  1
  )

1

1

2010/C 266/02

No oposición a una concentración notificada (Asunto COMP/M.5741 — CDC/Veolia Environment/Transdev/Veolia Transport) (
  1
  )

1

2

| | IV   Información |
| --- | --- |
| | INFORMACIÓN PROCEDENTE DE LAS INSTITUCIONES, ÓRGANOS Y ORGANISMOS DE LA UNIÓN EUROPEA |
| | Comisión Europea |
| 2010/C 266/03 | Tipo de cambio del euro | 3 |

IV   Información

INFORMACIÓN PROCEDENTE DE LAS INSTITUCIONES, ÓRGANOS Y ORGANISMOS DE LA UNIÓN EUROPEA

Comisión Europea

2010/C 266/03

Tipo de cambio del euro

3

| | V   Anuncios |
| --- | --- |
| | PROCEDIMIENTOS RELATIVOS A LA APLICACIÓN DE LA POLÍTICA COMERCIAL COMÚN |
| | Comisión Europea |
| 2010/C 266/04 | Anuncio relativo a las medidas antidumping vigentes respecto a las importaciones en la Unión de determinado politereftalato de etileno originario, entre otros países, de Malasia: modificación del nombre de una empresa sujeta a un tipo de derecho antidumping individual | 4 |
| | PROCEDIMIENTOS RELATIVOS A LA APLICACIÓN DE LA POLÍTICA DE COMPETENCIA |
| | Comisión Europea |
| 2010/C 266/05 | Ayuda estatal — Austria — Ayuda estatal C 16/09 — Hypo Group Alpe Adria (HGAA) — Invitación a presentar observaciones en aplicación del artículo 108, apartado 2, del TFUE (
  1
  ) | 5 |
| 2010/C 266/06 | Notificación previa de una operación de concentración (Asunto COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45) (
  1
  ) | 11 |
| 2010/C 266/07 | Notificación previa de una operación de concentración (Asunto COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV) — Asunto que podría ser tramitado conforme al procedimiento simplificado (
  1
  ) | 12 |

V   Anuncios

PROCEDIMIENTOS RELATIVOS A LA APLICACIÓN DE LA POLÍTICA COMERCIAL COMÚN

Comisión Europea

2010/C 266/04

Anuncio relativo a las medidas antidumping vigentes respecto a las importaciones en la Unión de determinado politereftalato de etileno originario, entre otros países, de Malasia: modificación del nombre de una empresa sujeta a un tipo de derecho antidumping individual

4

PROCEDIMIENTOS RELATIVOS A LA APLICACIÓN DE LA POLÍTICA DE COMPETENCIA

Comisión Europea

2010/C 266/05

Ayuda estatal — Austria — Ayuda estatal C 16/09 — Hypo Group Alpe Adria (HGAA) — Invitación a presentar observaciones en aplicación del artículo 108, apartado 2, del TFUE (
  1
  )

1

5

2010/C 266/06

Notificación previa de una operación de concentración (Asunto COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45) (
  1
  )

1

11

2010/C 266/07

Notificación previa de una operación de concentración (Asunto COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV) — Asunto que podría ser tramitado conforme al procedimiento simplificado (
  1
  )

1

12

| | |
| --- | --- |
| | (1)   Texto pertinente a efectos del EEE |

---

(1)   Texto pertinente a efectos del EEE

1

| ES | |
| --- | --- |

ES

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II Comunicaciones

COMUNICACIONES PROCEDENTES DE LAS INSTITUCIONES, ÓRGANOS Y ORGANISMOS DE LA UNIÓN EUROPEA

Comisión Europea

| 1.10.2010 | ES | Diario Oficial de la Unión Europea | C 266/1 |
| --- | --- | --- | --- |

1.10.2010

ES

Diario Oficial de la Unión Europea

C 266/1

---

Autorización de las ayudas estatales en el marco de las disposiciones de los artículos 87 y 88 del Tratado CE

Casos con respecto a los cuales la Comisión no presenta objeciones

(Texto pertinente a efectos del EEE)

2010/C 266/01

| Fecha de adopción de la decisión | 23.2.2009 |
| --- | --- |
| Número de referencia de ayuda estatal | N 727/07 |
| Estado miembro | Italia |
| Región | Veneto |
| Denominación (y/o nombre del beneficiario) | Istituzione del «Fondo di rotazione per le agrienergie» |
| Base jurídica | Legge regionale 12 dicembre 2003 n. 40 «Nuove norme per gli interventi in agricoltura» articolo 58 ter |
| Tipo de medida | Régimen de ayudas |
| Objetivo | Protección del medio ambiente |
| Forma de la ayuda | Bonificación de intereses |
| Presupuesto | Importe total de la ayuda prevista 30 millones EUR |
| Intensidad | 80 % |
| Duración | hasta el 31.12.2010 |
| Sectores económicos | Suministro de electricidad, gas y agua |
| Nombre y dirección de la autoridad que concede las ayudas | Giunta Regionale Regione Veneto |
| Palazzo Balbi |
| 3013 Venezia VE |
| ITALIA |

Fecha de adopción de la decisión

23.2.2009

Número de referencia de ayuda estatal

N 727/07

Estado miembro

Italia

Región

Veneto

Denominación (y/o nombre del beneficiario)

Istituzione del «Fondo di rotazione per le agrienergie»

Base jurídica

Legge regionale 12 dicembre 2003 n. 40 «Nuove norme per gli interventi in agricoltura» articolo 58 ter

Tipo de medida

Régimen de ayudas

Objetivo

Protección del medio ambiente

Forma de la ayuda

Bonificación de intereses

Presupuesto

Importe total de la ayuda prevista 30 millones EUR

Intensidad

80 %

Duración

hasta el 31.12.2010

Sectores económicos

Suministro de electricidad, gas y agua

Nombre y dirección de la autoridad que concede las ayudas

Giunta Regionale Regione Veneto

Palazzo Balbi

3013 Venezia VE

ITALIA

Información adicional

—

El texto de la decisión en la lengua o lenguas auténticas, suprimidos los datos confidenciales, se encuentra en:

http://ec.europa.eu/community_law/state_aids/state_aids_texts_es.htm

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| 1.10.2010 | ES | Diario Oficial de la Unión Europea | C 266/2 |
| --- | --- | --- | --- |

1.10.2010

ES

Diario Oficial de la Unión Europea

C 266/2

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No oposición a una concentración notificada

(Asunto COMP/M.5741 — CDC/Veolia Environment/Transdev/Veolia Transport)

(Texto pertinente a efectos del EEE)

2010/C 266/02

El 12 de agosto de 2010, la Comisión decidió no oponerse a la concentración notificada que se cita en el encabezamiento y declararla compatible con el mercado común. Esta decisión se basa en el artículo 6, apartado 1, letra b) del Reglamento (CE) no 139/2004 del Consejo. El texto íntegro de la decisión solo está disponible en francés y se hará público una vez que se elimine cualquier secreto comercial que pueda contener. Estará disponible:

| — | en la sección de concentraciones del sitio web de competencia de la Comisión (http://ec.europa.eu/competition/mergers/cases/). Este sitio web permite localizar las decisiones sobre concentraciones mediante criterios de búsqueda tales como el nombre de la empresa, el número de asunto, la fecha o el sector de actividad, |
| --- | --- |

—

en la sección de concentraciones del sitio web de competencia de la Comisión (http://ec.europa.eu/competition/mergers/cases/). Este sitio web permite localizar las decisiones sobre concentraciones mediante criterios de búsqueda tales como el nombre de la empresa, el número de asunto, la fecha o el sector de actividad,

| — | en formato electrónico en el sitio web EUR-Lex (http://eur-lex.europa.eu/en/index.htm) con el número de documento 32010M5741. EUR-Lex da acceso al Derecho comunitario en línea. |
| --- | --- |

—

en formato electrónico en el sitio web EUR-Lex (http://eur-lex.europa.eu/en/index.htm) con el número de documento 32010M5741. EUR-Lex da acceso al Derecho comunitario en línea.

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IV Información

INFORMACIÓN PROCEDENTE DE LAS INSTITUCIONES, ÓRGANOS Y ORGANISMOS DE LA UNIÓN EUROPEA

Comisión Europea

| 1.10.2010 | ES | Diario Oficial de la Unión Europea | C 266/3 |
| --- | --- | --- | --- |

1.10.2010

ES

Diario Oficial de la Unión Europea

C 266/3

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Tipo de cambio del euro (1)

30 de septiembre de 2010

2010/C 266/03

1 euro =

| | Moneda | Tipo de cambio |
| --- | --- | --- |
| USD | dólar estadounidense | 1,3648 |
| JPY | yen japonés | 113,68 |
| DKK | corona danesa | 7,4519 |
| GBP | libra esterlina | 0,85995 |
| SEK | corona sueca | 9,1421 |
| CHF | franco suizo | 1,3287 |
| ISK | corona islandesa | |
| NOK | corona noruega | 7,9680 |
| BGN | lev búlgaro | 1,9558 |
| CZK | corona checa | 24,600 |
| EEK | corona estonia | 15,6466 |
| HUF | forint húngaro | 275,75 |
| LTL | litas lituana | 3,4528 |
| LVL | lats letón | 0,7094 |
| PLN | zloty polaco | 3,9847 |
| RON | leu rumano | 4,2718 |
| TRY | lira turca | 1,9806 |
| AUD | dólar australiano | 1,4070 |
| CAD | dólar canadiense | 1,4073 |
| HKD | dólar de Hong Kong | 10,5918 |
| NZD | dólar neozelandés | 1,8436 |
| SGD | dólar de Singapur | 1,7942 |
| KRW | won de Corea del Sur | 1 550,65 |
| ZAR | rand sudafricano | 9,5438 |
| CNY | yuan renminbi | 9,1321 |
| HRK | kuna croata | 7,3058 |
| IDR | rupia indonesia | 12 173,44 |
| MYR | ringgit malayo | 4,2101 |
| PHP | peso filipino | 59,869 |
| RUB | rublo ruso | 41,6923 |
| THB | baht tailandés | 41,442 |
| BRL | real brasileño | 2,3201 |
| MXN | peso mexicano | 17,1258 |
| INR | rupia india | 61,2470 |

Moneda

Tipo de cambio

USD

dólar estadounidense

1,3648

JPY

yen japonés

113,68

DKK

corona danesa

7,4519

GBP

libra esterlina

0,85995

SEK

corona sueca

9,1421

CHF

franco suizo

1,3287

ISK

corona islandesa

NOK

corona noruega

7,9680

BGN

lev búlgaro

1,9558

CZK

corona checa

24,600

EEK

corona estonia

15,6466

HUF

forint húngaro

275,75

LTL

litas lituana

3,4528

LVL

lats letón

0,7094

PLN

zloty polaco

3,9847

RON

leu rumano

4,2718

TRY

lira turca

1,9806

AUD

dólar australiano

1,4070

CAD

dólar canadiense

1,4073

HKD

dólar de Hong Kong

10,5918

NZD

dólar neozelandés

1,8436

SGD

dólar de Singapur

1,7942

KRW

won de Corea del Sur

1 550,65

ZAR

rand sudafricano

9,5438

CNY

yuan renminbi

9,1321

HRK

kuna croata

7,3058

IDR

rupia indonesia

12 173,44

MYR

ringgit malayo

4,2101

PHP

peso filipino

59,869

RUB

rublo ruso

41,6923

THB

baht tailandés

41,442

BRL

real brasileño

2,3201

MXN

peso mexicano

17,1258

INR

rupia india

61,2470

---

(1)  Fuente: tipo de cambio de referencia publicado por el Banco Central Europeo.

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V Anuncios

PROCEDIMIENTOS RELATIVOS A LA APLICACIÓN DE LA POLÍTICA COMERCIAL COMÚN

Comisión Europea

| 1.10.2010 | ES | Diario Oficial de la Unión Europea | C 266/4 |
| --- | --- | --- | --- |

1.10.2010

ES

Diario Oficial de la Unión Europea

C 266/4

---

Anuncio relativo a las medidas antidumping vigentes respecto a las importaciones en la Unión de determinado politereftalato de etileno originario, entre otros países, de Malasia: modificación del nombre de una empresa sujeta a un tipo de derecho antidumping individual

2010/C 266/04

Las importaciones de determinado politereftalato de etileno originario, entre otros países, de Malasia están sujetas a un derecho antidumping definitivo establecido mediante el Reglamento (CE) no 192/2007 del Consejo (1), [«Reglamento (CE) no 192/2007»].

Hualon Corporation (M) Sdn. Bhd. («Hualon»), empresa establecida en Malasia cuyas exportaciones a la Unión de determinado politereftalato de etileno están sujetas a un derecho antidumping individual de 36 EUR/tonelada, establecido en el artículo 1, apartado 2, del Reglamento (CE) no 192/2007, ha informado a la Comisión de que tras ser sometida al procedimiento de administración extraordinaria todos sus activos y obligaciones malayos fueron asumidos, el 23 de julio de 2008, por Recron (Malasia) Sdn. Bhd. («Recron»), que se convirtió de esta manera en su sucesor legal.

Hualon alegó que la asunción y el cambio de nombre no afecta a las actividades de la empresa por lo que respecta al producto afectado y, por tanto, al derecho de Recron a beneficiarse del tipo del derecho antidumping individual que se aplica a Hualon en virtud del Reglamento (CE) no 192/2007.

La Comisión ha examinado la información facilitada y, teniendo en cuenta que la empresa que solicita el cambio de nombre ha sido asumida por una empresa que no fabricaba anteriormente el producto afectado, ha concluido que el cambio de nombre no altera en modo alguno las conclusiones del Reglamento (CE) no 192/2007. Por consiguiente, la referencia en el artículo 1, apartado 2, del Reglamento (CE) no 192/2007 a:

Hualon Corp (M) Sdn. Bhd.

debe leerse como:

Recron (Malasia) Sdn. Bhd.

El código TARIC adicional A186 atribuido anteriormente a Hualon Corp. (M) Sdn. Bhd. se aplicará a Recron (Malasia) Sdn. Bhd.

---

(1)  DO L 59 de 27.2.2007, p. 1.

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PROCEDIMIENTOS RELATIVOS A LA APLICACIÓN DE LA POLÍTICA DE COMPETENCIA

Comisión Europea

| 1.10.2010 | ES | Diario Oficial de la Unión Europea | C 266/5 |
| --- | --- | --- | --- |

1.10.2010

ES

Diario Oficial de la Unión Europea

C 266/5

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AYUDA ESTATAL — AUSTRIA

Ayuda estatal C 16/09 — Hypo Group Alpe Adria (HGAA)

Invitación a presentar observaciones en aplicación del artículo 108, apartado 2, del TFUE

(Texto pertinente a efectos del EEE)

2010/C 266/05

Mediante carta de 22 de junio de 2010, reproducida en la lengua auténtica en las páginas que siguen a este resumen, la Comisión notificó a Austria su decisión de prolongar la ayuda estimada temporalmente compatible con el mercado interior y de ampliar el procedimiento según lo establecido en el artículo 108, apartado 2, del Tratado de Funcionamiento de la Unión Europea.

Los interesados podrán presentar sus observaciones sobre las medidas respecto de las cuales la Comisión ha incoado el procedimiento en un plazo de dos semanas a partir de la fecha de publicación del presente resumen y de la carta siguiente, enviándolas a:

| Comisión Europea |
| --- |
| Dirección General de Competencia |
| Registro de Ayudas Estatales |
| Despacho: J-70, 03/219 |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |
| Fax +32 22961242 |

Comisión Europea

Dirección General de Competencia

Registro de Ayudas Estatales

Despacho: J-70, 03/219

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

Fax +32 22961242

Dichas observaciones serán comunicadas a Austria. Los interesados que presenten observaciones podrán solicitar por escrito, exponiendo los motivos de su solicitud, que su identidad sea tratada de forma confidencial.

1.   PROCEDIMIENTO

Mediante decisión de 18 de diciembre de 2008, la Comisión Europea aprobó en el asunto N 615/08 una ayuda estatal de urgencia de Alemania a BayernLB, propietario mayoritario de HGAA, en forma de una cobertura de riesgo de 4 800 millones EUR y una aportación de capital de 10 000 millones EUR sobre la base del artículo 107, apartado 3, letra b), del TFUE durante un período de seis meses o hasta la presentación de un plan de reestructuración verosímil y justificado para el banco. Esta ayuda permitió que BayernLB inyectara 700 millones EUR en su filial HGAA. En el mismo mes, Austria concedió una aportación de capital para HGAA por importe de 900 millones EUR con arreglo al régimen bancario austríaco.

El 29 de abril de 2009, Alemania notificó a la Comisión un plan de reestructuración para BayernLB, incluido HGAA. En la misma fecha, Austria presentó un plan de viabilidad para HGAA, que se requiere para bancos esencialmente sólidos con arreglo al régimen bancario austríaco.

En su decisión de 12 de mayo de 2009 en el asunto N 254/09 («decisión de incoación») la Comisión planteó dudas sobre la compatibilidad de la ayuda concedida a BayernLB con el mercado interior, cuestionó si HGAA era esencialmente sólido y expresó dudas relativas a la compatibilidad con el artículo 107, apartado 3, letra b), del TFUE de la ayuda concedida a HGAA por Austria.

Austria notificó medidas adicionales de ayuda el 18 de diciembre de 2009.

En su decisión de 23 de diciembre de 2009 en el asunto C 16/09 y N 698/09, la Comisión consideró que las medidas a favor de HGAA descritas en el apartado 2 eran temporalmente compatibles con el mercado interior sobre la base del artículo 107, apartado 3, letra b), del TFUE hasta la presentación de un plan de reestructuración verosímil y su evaluación por la Comisión, pero a lo sumo durante un período de seis meses. Al mismo tiempo, el procedimiento establecido en el artículo 108, apartado 2, del TFUE se amplió por lo que respecta a estas medidas adicionales.

En abril de 2010 Austria presentó un plan de reestructuración para HGAA.

Habida cuenta de la evaluación en curso del plan de reestructuración y de la ayuda por parte de la Comisión, Austria pidió una prórroga de la aprobación temporal de las medidas.

2.   LAS MEDIDAS A FAVOR DE HGAA

HGAA recibió 700 millones EUR de BayernLB, 900 millones EUR en forma de Partizipationskapital Tier 1 de la República de Austria, y garantías de liquidez por importe de 1 350 millones EUR para emisiones de obligaciones sobre la base del régimen austríaco de ayuda de urgencia a bancos.

Además, HGAA recibió las siguientes ayudas autorizadas temporalmente por la decisión de diciembre de 2009:

| — | una garantía temporal de 100 millones EUR de Austria en las condiciones previstas para bancos en crisis sobre la base del régimen austríaco de ayuda de urgencia a bancos, |
| --- | --- |

—

una garantía temporal de 100 millones EUR de Austria en las condiciones previstas para bancos en crisis sobre la base del régimen austríaco de ayuda de urgencia a bancos,

| — | una recapitalización de 200 millones EUR del Land de Carinthia con un dividendo del 6 %, que vencerá por primera vez para el ejercicio 2013, |
| --- | --- |

—

una recapitalización de 200 millones EUR del Land de Carinthia con un dividendo del 6 %, que vencerá por primera vez para el ejercicio 2013,

| — | otra recapitalización de Austria en las condiciones previstas para bancos en crisis sobre la base del régimen austríaco de ayuda de urgencia a bancos por un importe máximo de 350 millones EUR, |
| --- | --- |

—

otra recapitalización de Austria en las condiciones previstas para bancos en crisis sobre la base del régimen austríaco de ayuda de urgencia a bancos por un importe máximo de 350 millones EUR,

| — | liquidez por importe de aproximadamente 200 millones EUR proporcionados por el Land Carinthia en el contexto de las relaciones empresariales existentes. |
| --- | --- |

—

liquidez por importe de aproximadamente 200 millones EUR proporcionados por el Land Carinthia en el contexto de las relaciones empresariales existentes.

3.   EVALUACIÓN

La Comisión ya estableció, en sus Decisiones de 12 de mayo de 2009 y de 23 de diciembre de 2009, que las medidas concedidas a HGAA constituyen ayuda estatal.

Las dudas originales sobre la compatibilidad de las medidas de ayuda expresadas en las dos decisiones anteriores aún no han quedado resueltas con la presentación del plan de reestructuración.

Por lo que se refiere al restablecimiento de la viabilidad, la Comisión tiene dudas de que el modelo empresarial global del banco sea adecuado para restablecer la viabilidad.

Además, dada la baja calificación de HGAA y los elevados costes de financiación previstos a la luz de la expiración de las garantías ofrecidas por el Land de Carinthia y de la ayuda financiera de su anterior propietario BayernLB, la Comisión cuestiona si HGAA no tendrá que reorientar su modelo empresarial más en profundidad, lo que podría afectar particularmente a sus actividades de financiación pública, que se caracterizan por márgenes bajos.

Además, la Comisión considera que HGAA tiene que hacer frente a problemas significativos de calidad de activos, dada la baja calidad de su cuenta de préstamos, que sigue deteriorándose, y duda que los problemas subyacentes por lo que se refiere a los procesos de gestión del riesgo y de toma de decisiones puedan solucionarse a tiempo.

Además, la Comisión duda que el banco pueda remunerar su capital propio según lo establecido en la Comunicación sobre reestructuración, que requiere un rendimiento adecuado del capital conforme al perfil de riesgo del banco, y si el banco puede proporcionar una remuneración adecuada teniendo en cuenta las condiciones normales de mercado, o bien devolver el capital proporcionado por el Estado en un cierto plazo.

Además, la Comisión cuestiona si el capital inyectado en HGAA por Austria con arreglo al régimen bancario austríaco está debidamente remunerado, dado que el banco había sido considerado esencialmente sólido por Austria en el momento de la aportación de capital en diciembre de 2008 y se benefició por tanto de tipos más reducidos. La Comisión recuerda que cuestionó la evaluación de Austria de que el banco sea esencialmente sólido en su Decisión de mayo de 2009.

Por lo que se refiere a las medidas dirigidas a abordar los falseamientos de la competencia, la Comisión recuerda sus dudas de que las medidas propuestas sean suficientes para limitar adecuadamente las distorsiones creadas por la ayuda. En especial, la mayoría de los planes empresariales de venta de HGAA parecen concentrarse en actividades deficitarias y son por tanto necesarios para restablecer la viabilidad. En otras palabras, la Comisión duda si no hacen falta más medidas para abordar los falseamientos de la competencia originados por la ayuda.

TEXTO DE LA CARTA

«The Commission wishes to inform your authorities that it has further extended the procedure laid down in Article 108(2) of the Treaty on the Functioning of the European Union (TFEU) initiated on 12 May 2009 with its decision C(2009) 3811 final. The Commission also prolongs the authorisation of the aid it has temporarily found compatible with the internal market until it has concluded its examination of the restructuring plan.

1.   PROCEDURE

| (1) | By decision of 18 December 2008 the European Commission approved in case N 615/08 emergency State aid from Germany to BayernLB in form of a risk shield of EUR 4,8 billion and a capital injection of EUR 10 billion on the basis of Article 107(3)(b) TFEU for a period of six months or until the submission of a credible and substantiated restructuring plan for the bank (1). |
| --- | --- |

(1)

By decision of 18 December 2008 the European Commission approved in case N 615/08 emergency State aid from Germany to BayernLB in form of a risk shield of EUR 4,8 billion and a capital injection of EUR 10 billion on the basis of Article 107(3)(b) TFEU for a period of six months or until the submission of a credible and substantiated restructuring plan for the bank (1).

| (2) | In the same month, BayernLB's subsidiary Hypo Group Alpe Adria (HGAA) received EUR 700 million from BayernLB following large write-downs and losses. In addition, HGAA received EUR 900 million in Tier 1 Partizipationskapital
   (2) from the Republic of Austria on the basis of the Austrian emergency bank support scheme (3). |
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(2)

In the same month, BayernLB's subsidiary Hypo Group Alpe Adria (HGAA) received EUR 700 million from BayernLB following large write-downs and losses. In addition, HGAA received EUR 900 million in Tier 1 Partizipationskapital
   (2) from the Republic of Austria on the basis of the Austrian emergency bank support scheme (3).

| (3) | On 29 April 2009, Germany notified a restructuring plan for BayernLB (including HGAA) to the Commission. At the same date Austria provided a viability plan for HGAA. |
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(3)

On 29 April 2009, Germany notified a restructuring plan for BayernLB (including HGAA) to the Commission. At the same date Austria provided a viability plan for HGAA.

| (4) | In its decision of 12 May 2009 in case N 254/09 (4) the Commission opened the formal investigation procedure, raising doubts about the compatibility of the restructuring aid to BayernLB with the internal market, in particular whether the restructuring plan was apt to restore the viability of BayernLB (“the opening decision”). In the same decision, the Commission questioned whether HGAA was fundamentally sound and it expressed doubts regarding the compatibility with Article 87(3)(b) of the EC Treaty, now Article 107(3)(b) TFEU, of the aid granted to HGAA by Austria. |
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(4)

In its decision of 12 May 2009 in case N 254/09 (4) the Commission opened the formal investigation procedure, raising doubts about the compatibility of the restructuring aid to BayernLB with the internal market, in particular whether the restructuring plan was apt to restore the viability of BayernLB (“the opening decision”). In the same decision, the Commission questioned whether HGAA was fundamentally sound and it expressed doubts regarding the compatibility with Article 87(3)(b) of the EC Treaty, now Article 107(3)(b) TFEU, of the aid granted to HGAA by Austria.

| (5) | Austria notified additional aid measures on 18 December 2009, including a temporary asset guarantee under the Austrian scheme, a capital injection and a provision of liquidity, see below point 19. |
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(5)

Austria notified additional aid measures on 18 December 2009, including a temporary asset guarantee under the Austrian scheme, a capital injection and a provision of liquidity, see below point 19.

| (6) | In its decision of 23 December 2009 in cases C 16/09 and N 698/09 (5) (“the rescue decision”) the Commission extended the procedure in relation to the following measures in favour of HGAA which it at the same time found temporarily compatible with the internal market on the basis of Article 107(3)(b) TFEU until the submission of a credible restructuring plan and its assessment by the Commission, but at most for a period of six months: a temporary guarantee of EUR 100 million, a recapitalisation of EUR 200 million by Land Carinthia, a further recapitalisation for a maximum amount of EUR 350 million and the liquidity provided by the Land of Carinthia. The measures are described in detail in paragraph 19. |
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(6)

In its decision of 23 December 2009 in cases C 16/09 and N 698/09 (5) (“the rescue decision”) the Commission extended the procedure in relation to the following measures in favour of HGAA which it at the same time found temporarily compatible with the internal market on the basis of Article 107(3)(b) TFEU until the submission of a credible restructuring plan and its assessment by the Commission, but at most for a period of six months: a temporary guarantee of EUR 100 million, a recapitalisation of EUR 200 million by Land Carinthia, a further recapitalisation for a maximum amount of EUR 350 million and the liquidity provided by the Land of Carinthia. The measures are described in detail in paragraph 19.

| (7) | In view of the ongoing assessment of the restructuring plan and aid by the Commission, by letter dated 15 June 2010 Austria asked for a prolongation of the temporary approval of the measures. |
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(7)

In view of the ongoing assessment of the restructuring plan and aid by the Commission, by letter dated 15 June 2010 Austria asked for a prolongation of the temporary approval of the measures.

| (8) | Given the urgency to obtain a Commission Decision before the expiry of the authorisation of the measures, both Germany and Austria have exceptionally agreed that the authentic language for this decision should be English. |
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(8)

Given the urgency to obtain a Commission Decision before the expiry of the authorisation of the measures, both Germany and Austria have exceptionally agreed that the authentic language for this decision should be English.

2.   DESCRIPTION

| (9) | For a detailed description of the beneficiary and the aid measures, reference is made to the opening decision and the rescue decision. |
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(9)

For a detailed description of the beneficiary and the aid measures, reference is made to the opening decision and the rescue decision.

2.1.   The beneficiary

| (10) | HGAA is the sixth largest Austrian bank with a balance sheet of EUR 41 billion as of 31 December 2009, corresponding to roughly 15 % of Austrian GDP. |
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(10)

HGAA is the sixth largest Austrian bank with a balance sheet of EUR 41 billion as of 31 December 2009, corresponding to roughly 15 % of Austrian GDP.

| (11) | HGAA is fully owned by the Austrian State after the nationalisation of 23 December 2009. |
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(11)

HGAA is fully owned by the Austrian State after the nationalisation of 23 December 2009.

| (12) | HGAA is active in 12 countries (Austria, Italy, Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Germany, Liechtenstein (in liquidation), Hungary, Bulgaria, the Former Yugoslav Republic of Macedonia and Ukraine). The business in Liechtenstein is in liquidation. The bank is active in both banking and leasing, but does not pursue both activities in all the countries mentioned above. |
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(12)

HGAA is active in 12 countries (Austria, Italy, Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Germany, Liechtenstein (in liquidation), Hungary, Bulgaria, the Former Yugoslav Republic of Macedonia and Ukraine). The business in Liechtenstein is in liquidation. The bank is active in both banking and leasing, but does not pursue both activities in all the countries mentioned above.

| (13) | HGAA had pursued an aggressive growth strategy, in particular aimed at taking advantage of the rapidly growing markets in South-Eastern Europe. In the past decade, HGAA entered Bosnia-Herzegovina, Serbia, Montenegro, Bulgaria, the Former Yugoslav Republic of Macedonia and Ukraine. In addition to those markets, the group also entered Hungary and Germany during that period. |
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(13)

HGAA had pursued an aggressive growth strategy, in particular aimed at taking advantage of the rapidly growing markets in South-Eastern Europe. In the past decade, HGAA entered Bosnia-Herzegovina, Serbia, Montenegro, Bulgaria, the Former Yugoslav Republic of Macedonia and Ukraine. In addition to those markets, the group also entered Hungary and Germany during that period.

| (14) | The bank has a substantial market shares in some of the South-Eastern European countries in which it is active: its market share in banking amounts to [> 10 %] (6) in Montenegro and [> 8 %] in Croatia, and its market share in leasing amounts to over [> 15 %] in Croatia and Slovenia, [> 20 %] in FYRoM and [> 30 %] in Montenegro. The expansion strategy of the bank was facilitated by the liability guarantees of the Land (federal State) Carinthia amounting to about EUR 19 billion at the end of 2009, which has enabled the bank to borrow money at favourable conditions (7). |
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(14)

The bank has a substantial market shares in some of the South-Eastern European countries in which it is active: its market share in banking amounts to [> 10 %] (6) in Montenegro and [> 8 %] in Croatia, and its market share in leasing amounts to over [> 15 %] in Croatia and Slovenia, [> 20 %] in FYRoM and [> 30 %] in Montenegro. The expansion strategy of the bank was facilitated by the liability guarantees of the Land (federal State) Carinthia amounting to about EUR 19 billion at the end of 2009, which has enabled the bank to borrow money at favourable conditions (7).

| (15) | Following the prospect of large losses and write-downs, Austria acquired from each of the previous owners all shares by contract for the symbolic price of one Euro per owner in December 2009. |
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(15)

Following the prospect of large losses and write-downs, Austria acquired from each of the previous owners all shares by contract for the symbolic price of one Euro per owner in December 2009.

| (16) | HGAA has a rating below investment grade from Moody's (Baa2/P2/E) with a negative outlook. |
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(16)

HGAA has a rating below investment grade from Moody's (Baa2/P2/E) with a negative outlook.

2.2.   The measures

| (17) | In December 2008, HGAA received EUR 700 million from its majority owner at the time, BayernLB, which itself had received State aid in the same month from the Free State of Bavaria. |
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(17)

In December 2008, HGAA received EUR 700 million from its majority owner at the time, BayernLB, which itself had received State aid in the same month from the Free State of Bavaria.

| (18) | HGAA received EUR 900 million in Tier 1 Partizipationskapital from the Republic of Austria and liquidity guarantees of EUR 1,35 billion for bond issues on the basis of the Austrian emergency bank support scheme. |
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(18)

HGAA received EUR 900 million in Tier 1 Partizipationskapital from the Republic of Austria and liquidity guarantees of EUR 1,35 billion for bond issues on the basis of the Austrian emergency bank support scheme.

| (19) | In addition, HGAA received the following aid measures temporarily authorised by the Commission's December 2009 decision:






  — | a temporary guarantee of EUR 100 million by Austria under the conditions for distressed banks under the Austrian emergency bank support scheme, |
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(19)

In addition, HGAA received the following aid measures temporarily authorised by the Commission's December 2009 decision:

—

a temporary guarantee of EUR 100 million by Austria under the conditions for distressed banks under the Austrian emergency bank support scheme,

| — | a recapitalisation of EUR 200 million by the Land Carinthia with a dividend of 6 %, which will be due for the first time for the business year 2013, |
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—

a recapitalisation of EUR 200 million by the Land Carinthia with a dividend of 6 %, which will be due for the first time for the business year 2013,

| — | a further recapitalisation by Austria under the conditions for distressed banks under the Austrian emergency bank support scheme for a maximum amount of EUR 350 million, |
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—

a further recapitalisation by Austria under the conditions for distressed banks under the Austrian emergency bank support scheme for a maximum amount of EUR 350 million,

| — | liquidity measures amounting to approximately EUR 200 million provided by the Land Carinthia in the context of existing business relationships. |
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—

liquidity measures amounting to approximately EUR 200 million provided by the Land Carinthia in the context of existing business relationships.

3.   THE RESTRUCTURING PLAN

| (20) | According to the submitted restructuring plan the problems of HGAA are largely due to its aggressive growth strategy pursued in recent years which in particular aimed at taking advantage of the rapidly growing markets in South-Eastern Europe. The economic conditions of these countries have deteriorated significantly as a prolonged period of strong economic growth has given way to significant declines of real and nominal GDP. Moreover, losses and in particular the increasingly large share of non-performing loans were to a significant extent caused by a lack of [...] proper control mechanisms [...]. |
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(20)

According to the submitted restructuring plan the problems of HGAA are largely due to its aggressive growth strategy pursued in recent years which in particular aimed at taking advantage of the rapidly growing markets in South-Eastern Europe. The economic conditions of these countries have deteriorated significantly as a prolonged period of strong economic growth has given way to significant declines of real and nominal GDP. Moreover, losses and in particular the increasingly large share of non-performing loans were to a significant extent caused by a lack of [...] proper control mechanisms [...].

| (21) | The submitted restructuring plan states that HGAA will continue doing business in Austria, with a strong focus on Carinthia, where it intends to pursue business in the areas of retail clients, SMEs and selective corporate and public finance. The bank envisages maintaining both banking and leasing activities in [most countries of the former Federal Republic of Yugoslavia]. However, it intends to terminate its leasing activities in [...]. Leasing and banking activities will be ended in [...]. In Austria, the bank also plans to discontinue its cross-border financing business and the financing of big ticket projects. HGAA moreover plans to cease its risky project finance activities and tourism projects as well as large tourism-based financing activities. Leasing activities will focus on small vehicle and other mobile assets. The new business for real estate is planned to focus on selective opportunities only. |
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(21)

The submitted restructuring plan states that HGAA will continue doing business in Austria, with a strong focus on Carinthia, where it intends to pursue business in the areas of retail clients, SMEs and selective corporate and public finance. The bank envisages maintaining both banking and leasing activities in [most countries of the former Federal Republic of Yugoslavia]. However, it intends to terminate its leasing activities in [...]. Leasing and banking activities will be ended in [...]. In Austria, the bank also plans to discontinue its cross-border financing business and the financing of big ticket projects. HGAA moreover plans to cease its risky project finance activities and tourism projects as well as large tourism-based financing activities. Leasing activities will focus on small vehicle and other mobile assets. The new business for real estate is planned to focus on selective opportunities only.

| (22) | The overall aim of the restructuring plan is to focus on small/retail business with less risk than before, which, according to the bank, will enable it to rely on historically grown competences, in which the bank has made profits in the past, including during the financial crisis. The plan provides for a balance sheet reduction amounting to [> 35] % by the end of the restructuring period and a reduction of the risk weighted assets by [> 50] % compared to the 2008 balance sheet. The reduction is achieved mainly through putting some banks and leasing activities in a run off mode or divesting them as explained in paragraph 20. |
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(22)

The overall aim of the restructuring plan is to focus on small/retail business with less risk than before, which, according to the bank, will enable it to rely on historically grown competences, in which the bank has made profits in the past, including during the financial crisis. The plan provides for a balance sheet reduction amounting to [> 35] % by the end of the restructuring period and a reduction of the risk weighted assets by [> 50] % compared to the 2008 balance sheet. The reduction is achieved mainly through putting some banks and leasing activities in a run off mode or divesting them as explained in paragraph 20.

| (23) | The bank also plans to overhaul many of its procedures as regards credit and leasing decisions as well as its overall risk management framework. It intends to start an annual risk review, to assess the risks inherent to any new product it launches and has already started to apply a reworked method of calculating its risk absorption quality on a group level since June 2009. As a result of this process, HGAA claims having already identified its major risk types. |
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(23)

The bank also plans to overhaul many of its procedures as regards credit and leasing decisions as well as its overall risk management framework. It intends to start an annual risk review, to assess the risks inherent to any new product it launches and has already started to apply a reworked method of calculating its risk absorption quality on a group level since June 2009. As a result of this process, HGAA claims having already identified its major risk types.

| (24) | According to the plan the economic problems of HGAA were significantly influenced by the current financial crisis which affected markets in South-Eastern Europe particularly strongly. HGAA admits in that respect that quality of its assets has deteriorated significantly, with only [< 40] % of its gross exposure having an internal investment grade rating and with the share of problem loans (8) when compared to gross exposure increasing steadily since the beginning of 2008, reaching almost [> 15] % of the bank's gross exposure. In 2009, the amount of risk provisions of HGAA reached almost [> 150] % of the bank's net interest revenues of that year. It has to be noted that the leasing activities were to a significant degree responsible for the encountered asset problems. |
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(24)

According to the plan the economic problems of HGAA were significantly influenced by the current financial crisis which affected markets in South-Eastern Europe particularly strongly. HGAA admits in that respect that quality of its assets has deteriorated significantly, with only [< 40] % of its gross exposure having an internal investment grade rating and with the share of problem loans (8) when compared to gross exposure increasing steadily since the beginning of 2008, reaching almost [> 15] % of the bank's gross exposure. In 2009, the amount of risk provisions of HGAA reached almost [> 150] % of the bank's net interest revenues of that year. It has to be noted that the leasing activities were to a significant degree responsible for the encountered asset problems.

| (25) | The plan is based on the assumption of a significant turnaround in the markets in which the bank is active, forecasting a return to robust rates of growth in the South-Eastern European countries. |
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(25)

The plan is based on the assumption of a significant turnaround in the markets in which the bank is active, forecasting a return to robust rates of growth in the South-Eastern European countries.

4.   ASSESSMENT OF THE AID

4.1.   Existence of aid

| (26) | As stated in Article 107(1) TFEU, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market, save as otherwise provided in the Treaty. |
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(26)

As stated in Article 107(1) TFEU, any aid granted by a Member State or through State resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the internal market, save as otherwise provided in the Treaty.

| (27) | The Commission recalls that is has already established that the measures granted to HGAA constitute State aid with its Decisions of 12 May 2009 and 23 December 2009. |
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(27)

The Commission recalls that is has already established that the measures granted to HGAA constitute State aid with its Decisions of 12 May 2009 and 23 December 2009.

4.2.   Compatibility of the Aid

| (28) | The Commission must assess the continuation of all emergency aid measures as restructuring aid, on the basis of the submitted restructuring plan and against the conditions of the Restructuring Communication (9). |
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(28)

The Commission must assess the continuation of all emergency aid measures as restructuring aid, on the basis of the submitted restructuring plan and against the conditions of the Restructuring Communication (9).

| (29) | A restructuring plan needs to ensure that the bank is able to restore long-term viability without continued State aid. The restructuring plan also needs to provide for adequate burden sharing, and limit the aid to the minimum necessary. Finally, proportionate measures need to be taken to limit the distortions of competition caused by the aid. |
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(29)

A restructuring plan needs to ensure that the bank is able to restore long-term viability without continued State aid. The restructuring plan also needs to provide for adequate burden sharing, and limit the aid to the minimum necessary. Finally, proportionate measures need to be taken to limit the distortions of competition caused by the aid.

| (30) | The original doubts expressed in decision of 23 December 2009 have not yet been allayed by the submission of the restructuring plan described above. Therefore the Commission continues to have doubts as regards the compatibility of the aid. |
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(30)

The original doubts expressed in decision of 23 December 2009 have not yet been allayed by the submission of the restructuring plan described above. Therefore the Commission continues to have doubts as regards the compatibility of the aid.

| (31) | As regards the restoration of viability the Commission firstly has doubts as regards the overall business model of the bank, i.e. whether the presented plan of maintaining some parts of the business in South-Eastern Europe (while divesting or winding down others) combined with the Austrian activities will enable the bank to create sufficient profits to ensure long-term viability. |
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(31)

As regards the restoration of viability the Commission firstly has doubts as regards the overall business model of the bank, i.e. whether the presented plan of maintaining some parts of the business in South-Eastern Europe (while divesting or winding down others) combined with the Austrian activities will enable the bank to create sufficient profits to ensure long-term viability.

| (32) | Importantly, the plan does not show in a satisfactory manner that HGAA will indeed, as claimed, concentrate on activities where it has also made profits in the past, including during the financial crisis. |
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(32)

Importantly, the plan does not show in a satisfactory manner that HGAA will indeed, as claimed, concentrate on activities where it has also made profits in the past, including during the financial crisis.

| (33) | The Commission furthermore questions whether the largely unregulated leasing activities would not need to be scaled down further, given that they seem to have been one of the main sources of HGAA's problems in the past. |
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(33)

The Commission furthermore questions whether the largely unregulated leasing activities would not need to be scaled down further, given that they seem to have been one of the main sources of HGAA's problems in the past.

| (34) | In addition, given HGAA's low rating and prospective high funding costs in light of the expiration of the guarantees from the Land Carinthia and funding support from its former owner BayernLB, the Commission questions whether HGAA will not have to reorient its business model more profoundly, which might in particular affect its public finance business, which is characterised by relatively low margins. |
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(34)

In addition, given HGAA's low rating and prospective high funding costs in light of the expiration of the guarantees from the Land Carinthia and funding support from its former owner BayernLB, the Commission questions whether HGAA will not have to reorient its business model more profoundly, which might in particular affect its public finance business, which is characterised by relatively low margins.

| (35) | Furthermore, the Commission considers that HGAA has to cope with significant problems given the low and still deteriorating quality of its asset portfolio. In that regard it can be considered as a difficult task to overhaul many of the basic decision-making processes and its overall risk management processes. The Commission doubts whether such a large task can be implemented timely, given the complexity of HGAA in many countries while avoiding further problem exposures. The Commission also considers that a significant part of the problems encountered by HGAA were not mainly the result of the deterioration of the economic situation in South-Eastern Europe but rather of deep-rooted management problems. |
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(35)

Furthermore, the Commission considers that HGAA has to cope with significant problems given the low and still deteriorating quality of its asset portfolio. In that regard it can be considered as a difficult task to overhaul many of the basic decision-making processes and its overall risk management processes. The Commission doubts whether such a large task can be implemented timely, given the complexity of HGAA in many countries while avoiding further problem exposures. The Commission also considers that a significant part of the problems encountered by HGAA were not mainly the result of the deterioration of the economic situation in South-Eastern Europe but rather of deep-rooted management problems.

| (36) | The Commission recalls that it noted in the rescue decision of 23 December 2009 that the external report commissioned by HGAA and BayernLB has found serious problems in the credit monitoring procedures of HGAA as well as in its collateral valuation. As a result the previously projected potential losses could well increase still further, in particular if the benign view concerning loss-given-default ratios were not to materialise. Moreover, the Commission doubts that the scenarios applied by the external consultants at that time were sufficiently prudent in relation to “a protracted global recession” as specified in point 13 of the Restructuring Communication. Therefore, the Commission continues to have these doubts in relation to the return to long-term viability of the rescued HGAA. |
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(36)

The Commission recalls that it noted in the rescue decision of 23 December 2009 that the external report commissioned by HGAA and BayernLB has found serious problems in the credit monitoring procedures of HGAA as well as in its collateral valuation. As a result the previously projected potential losses could well increase still further, in particular if the benign view concerning loss-given-default ratios were not to materialise. Moreover, the Commission doubts that the scenarios applied by the external consultants at that time were sufficiently prudent in relation to “a protracted global recession” as specified in point 13 of the Restructuring Communication. Therefore, the Commission continues to have these doubts in relation to the return to long-term viability of the rescued HGAA.

| (37) | In addition to these previously expressed doubts the Commission is concerned about the seemingly [...] deterioration of asset quality and considers that this could constitute a major threat to HGAA's viability, which is not addressed by the restructuring plan. |
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(37)

In addition to these previously expressed doubts the Commission is concerned about the seemingly [...] deterioration of asset quality and considers that this could constitute a major threat to HGAA's viability, which is not addressed by the restructuring plan.

| (38) | Moreover, the Commission questions whether the unsatisfactory rating of HGAA can be improved sufficiently over the course of the restructuring period in order to enable the bank to raise both capital and funding on the markets, which is a crucial prerequisite for the proposed business model of the bank. The Commission notes in this respect that the expiry of the liability guarantees of the Land Carinthia entails the risk of rising long-term funding costs for the bank. Furthermore, the Commission has to examine whether the submitted underlying economic assumptions included in the plan are prudent enough. |
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(38)

Moreover, the Commission questions whether the unsatisfactory rating of HGAA can be improved sufficiently over the course of the restructuring period in order to enable the bank to raise both capital and funding on the markets, which is a crucial prerequisite for the proposed business model of the bank. The Commission notes in this respect that the expiry of the liability guarantees of the Land Carinthia entails the risk of rising long-term funding costs for the bank. Furthermore, the Commission has to examine whether the submitted underlying economic assumptions included in the plan are prudent enough.

| (39) | In addition, the Commission doubts that the bank would be able to remunerate its own capital as required under points 13 and 14 of the Restructuring Communication which requires an appropriate return given the risk profile of the bank and a remuneration at normal market conditions or the repayment of capital over time. |
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(39)

In addition, the Commission doubts that the bank would be able to remunerate its own capital as required under points 13 and 14 of the Restructuring Communication which requires an appropriate return given the risk profile of the bank and a remuneration at normal market conditions or the repayment of capital over time.

| (40) | As regards burden sharing, the Commission recalls its doubts as to whether the burden sharing of the owners (in particular BayernLB, Land Carinthia, GRAWE) has been appropriate. |
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(40)

As regards burden sharing, the Commission recalls its doubts as to whether the burden sharing of the owners (in particular BayernLB, Land Carinthia, GRAWE) has been appropriate.

| (41) | In addition, the Commission questions whether the injected capital into HGAA by Austria under the Austrian bank scheme is appropriately remunerated as the bank had been considered as fundamentally sound by Austria and benefitted therefore from cheaper remuneration rates. The Commission recalls that it has questioned that assessment at the time Austria submitted its viability report for the bank and in the opening decision. |
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(41)

In addition, the Commission questions whether the injected capital into HGAA by Austria under the Austrian bank scheme is appropriately remunerated as the bank had been considered as fundamentally sound by Austria and benefitted therefore from cheaper remuneration rates. The Commission recalls that it has questioned that assessment at the time Austria submitted its viability report for the bank and in the opening decision.

| (42) | As regards measures for addressing competition distortions, the Commission recalls its doubts that the proposed measures are sufficient to adequately limit the distortions created by the aid. In particular, most of business HGAA plans to divest seems to concern loss-making activities and be necessary for restoring viability. In other words, the Commission doubts whether not more measures are needed to address the distortions of competition caused by the aid. |
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(42)

As regards measures for addressing competition distortions, the Commission recalls its doubts that the proposed measures are sufficient to adequately limit the distortions created by the aid. In particular, most of business HGAA plans to divest seems to concern loss-making activities and be necessary for restoring viability. In other words, the Commission doubts whether not more measures are needed to address the distortions of competition caused by the aid.

5.   CONCLUSION

| (43) | All measures in favour of HGAA constitute State aid. The Commission still doubts the compatibility of the aid measures as regards the restoration of long-term viability, burden sharing and measures to limit distortions of competition. |
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(43)

All measures in favour of HGAA constitute State aid. The Commission still doubts the compatibility of the aid measures as regards the restoration of long-term viability, burden sharing and measures to limit distortions of competition.

| (44) | In light of the doubts regarding the compatibility of the aid with the Restructuring Communication, in particular the failure of the current revised restructuring plan to demonstrate the restoration of viability, proper burden sharing and a sufficient degree of mitigation of competition distortions, the Commission needs to further investigate the measures and thus to extend the formal investigation procedure pursuant to Article 108(2) TFEU. |
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(44)

In light of the doubts regarding the compatibility of the aid with the Restructuring Communication, in particular the failure of the current revised restructuring plan to demonstrate the restoration of viability, proper burden sharing and a sufficient degree of mitigation of competition distortions, the Commission needs to further investigate the measures and thus to extend the formal investigation procedure pursuant to Article 108(2) TFEU.

| (45) | However, the Commission has established that it can authorise emergency measures temporarily if needed for reasons of financial stability (10), when it cannot take a final decision due to doubts on compatibility of the measures as restructuring aid. In light of the ongoing fragile situation of the financial markets the Commission bases its assessment on Article 107(3)(b) TFEU as the breakdown of a systematically relevant bank can directly affect the financial markets and indirectly the entire economy of a Member State. |
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(45)

However, the Commission has established that it can authorise emergency measures temporarily if needed for reasons of financial stability (10), when it cannot take a final decision due to doubts on compatibility of the measures as restructuring aid. In light of the ongoing fragile situation of the financial markets the Commission bases its assessment on Article 107(3)(b) TFEU as the breakdown of a systematically relevant bank can directly affect the financial markets and indirectly the entire economy of a Member State.

| (46) | The Austrian Central Bank has confirmed that HGAA is a bank with systemic relevance for the financial market in Austria but also in certain countries in South Eastern Europe. Therefore the Commission prolongs the authorisation of the aid it has temporarily found compatible with the internal market until it has concluded its examination of the restructuring plan. |
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(46)

The Austrian Central Bank has confirmed that HGAA is a bank with systemic relevance for the financial market in Austria but also in certain countries in South Eastern Europe. Therefore the Commission prolongs the authorisation of the aid it has temporarily found compatible with the internal market until it has concluded its examination of the restructuring plan.

6.   DECISION

In view of the above, the Commission has decided:

| — | to further extend the procedure as laid down in Article 108(2) TFEU initiated with its decision C(2009) 3811 final of 12 May 2009 and extended with its decision C(2009) 10672 final of 23 December 2009, and |
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—

to further extend the procedure as laid down in Article 108(2) TFEU initiated with its decision C(2009) 3811 final of 12 May 2009 and extended with its decision C(2009) 10672 final of 23 December 2009, and

| — | to prolong the authorisation of the aid it has temporarily found compatible with the internal market by Decision C(2009) 10672 final until it has concluded the examination of the restructuring plan for Hypo Group Alpe Adria. |
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—

to prolong the authorisation of the aid it has temporarily found compatible with the internal market by Decision C(2009) 10672 final until it has concluded the examination of the restructuring plan for Hypo Group Alpe Adria.

The Commission requests Austria to provide all information necessary for the Commission to assess the compatibility of the aid measures. Austria is requested to forward a copy of this letter to HGAA immediately.

The Commission warns Austria that it will inform interested parties by publishing this letter and a meaningful summary of it in the Official Journal of the European Union. It will also inform interested parties in the EFTA countries which are signatories to the EEA Agreement, by publishing a notice in the EEA Supplement to the Official Journal of the European Union, and will inform the EFTA Surveillance Authority by sending a copy of this letter. All such interested parties will be invited to submit their comments within one month of the date of such publication.»

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(1)  Commission Decision of 18 December 2008 in case N 615/08 BayernLB, OJ C 80/4 of 3 April 2009.

1

BayernLB

(2)  Partizipationskapital has no voting rights.

2

Partizipationskapital

(3)  Commission Decision of 9 December 2008 in case N 557/08, OJ C 3, 8.1.2009, p. 2, Maßnahmen nach dem Finanzmarktstabilitäts- und dem Interbankmarktstärkungsgesetz für Kreditinstitute und Versicherungsunternehmen in Österreich, last prolonged by Commission Decision of 16 December 2009 in case N 663/09.

3

(4)  OJ C 134, 13.6.2009, p. 31.

4

(5)  OJ C 85, 31.3.2010, p. 21.

5

(6)  Confidential information.

6

(7)  This stems from the previously prevailing State guarantees for new debt (“Ausfallshaftung”) from the Land Carinthia which was abolished with a transitional period and a grandfathering clause in 2003.

7

(8)  Defined as a high likelihood that the borrower cannot repay the loan, or if the payments are more then 90 days overdue. Taking into account the lower payment morale in some of the markets where HGAA operates, the bank has replaced the 90 days criterion with a 180 days criterion in some countries.

8

(9)  Commission Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules (OJ C 195, 19.8.2009, p. 9).

9

(10)  Commission Decision of 13 November in case C 15/08, Hypo RealEstate, not yet published, and Commission Decision of 31 March 2009 in case C 10/09 ING (OJ C 158, 11.7.2009, p. 13).

10

Hypo RealEstate

ING

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| 1.10.2010 | ES | Diario Oficial de la Unión Europea | C 266/11 |
| --- | --- | --- | --- |

1.10.2010

ES

Diario Oficial de la Unión Europea

C 266/11

---

Notificación previa de una operación de concentración

(Asunto COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45)

(Texto pertinente a efectos del EEE)

2010/C 266/06

| 1. | El 23 de septiembre de 2010, la Comisión recibió la notificación, de conformidad con lo dispuesto en el artículo 4 del Reglamento (CE) no 139/2004 del Consejo (1), de un proyecto de concentración por el cual las empresas Finavias S.à r.l («Finavias», Luxemburgo), bajo el control de AXA Investment Managers Private Equity SA («AXA Private Equity», Francia), perteneciente a su vez al grupo AXA («AXA», Francia), e Iberpistas, bajo el control de Abertis Infraestructuras, SA («Abertis», España) adquieren el control conjunto, a tenor de lo dispuesto en el artículo 3, apartado 1, letra b), del Reglamento comunitario de concentraciones, de la empresa Autopista Trados M-45 («Trados M-45», España) mediante adquisición de acciones. |
| --- | --- |

1.

El 23 de septiembre de 2010, la Comisión recibió la notificación, de conformidad con lo dispuesto en el artículo 4 del Reglamento (CE) no 139/2004 del Consejo (1), de un proyecto de concentración por el cual las empresas Finavias S.à r.l («Finavias», Luxemburgo), bajo el control de AXA Investment Managers Private Equity SA («AXA Private Equity», Francia), perteneciente a su vez al grupo AXA («AXA», Francia), e Iberpistas, bajo el control de Abertis Infraestructuras, SA («Abertis», España) adquieren el control conjunto, a tenor de lo dispuesto en el artículo 3, apartado 1, letra b), del Reglamento comunitario de concentraciones, de la empresa Autopista Trados M-45 («Trados M-45», España) mediante adquisición de acciones.

| 2. | Las actividades comerciales de las empresas en cuestión son las siguientes:






  — | Finavias: actividades de capital de inversión y gestión de activos, |
| --- | --- | --- |

2.

Las actividades comerciales de las empresas en cuestión son las siguientes:

—

Finavias: actividades de capital de inversión y gestión de activos,

| — | AXA Private Equity: gestión de activos en empresas que no cotizan en bolsa. Pertenece a AXA, grupo internacional de seguros de vida y no vida y servicios financieros relacionados, |
| --- | --- |

—

AXA Private Equity: gestión de activos en empresas que no cotizan en bolsa. Pertenece a AXA, grupo internacional de seguros de vida y no vida y servicios financieros relacionados,

| — | Abertis: infraestructuras de movilidad y telecomunicaciones en zonas comerciales de pago, carreteras de peaje, infraestructuras de telecomunicaciones, aeropuertos, parkings y logística, |
| --- | --- |

—

Abertis: infraestructuras de movilidad y telecomunicaciones en zonas comerciales de pago, carreteras de peaje, infraestructuras de telecomunicaciones, aeropuertos, parkings y logística,

| — | Trados M-45: gestión de concesiones de carretera. |
| --- | --- |

—

Trados M-45: gestión de concesiones de carretera.

| 3. | Tras un examen preliminar, la Comisión considera que la operación notificada podría entrar en el ámbito de aplicación del Reglamento comunitario de concentraciones. No obstante, se reserva su decisión definitiva al respecto. |
| --- | --- |

3.

Tras un examen preliminar, la Comisión considera que la operación notificada podría entrar en el ámbito de aplicación del Reglamento comunitario de concentraciones. No obstante, se reserva su decisión definitiva al respecto.

| 4. | La Comisión invita a los interesados a que le presenten sus posibles observaciones sobre la propuesta de concentración.
  Las observaciones deberán obrar en poder de la Comisión en un plazo máximo de diez días a partir de la fecha de la presente publicación. Podrán enviarse por fax (+32 22964301), por correo electrónico a COMP-MERGER-REGISTRY@ec.europa.eu o por correo, con indicación del número de referencia COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45, a la siguiente dirección:





  Comisión Europea |
| --- | --- |
| Dirección General de Competencia |
| Registro de Concentraciones |
| J-70 |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |

4.

La Comisión invita a los interesados a que le presenten sus posibles observaciones sobre la propuesta de concentración.

Las observaciones deberán obrar en poder de la Comisión en un plazo máximo de diez días a partir de la fecha de la presente publicación. Podrán enviarse por fax (+32 22964301), por correo electrónico a COMP-MERGER-REGISTRY@ec.europa.eu o por correo, con indicación del número de referencia COMP/M.5974 — Finavias/Abertis/Autopista Trados M-45, a la siguiente dirección:

Comisión Europea

Dirección General de Competencia

Registro de Concentraciones

J-70

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

---

(1)  DO L 24 de 29.1.2004, p. 1 («Reglamento comunitario de concentraciones»).

---

| 1.10.2010 | ES | Diario Oficial de la Unión Europea | C 266/12 |
| --- | --- | --- | --- |

1.10.2010

ES

Diario Oficial de la Unión Europea

C 266/12

---

Notificación previa de una operación de concentración

(Asunto COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV)

Asunto que podría ser tramitado conforme al procedimiento simplificado

(Texto pertinente a efectos del EEE)

2010/C 266/07

| 1. | El 22 de septiembre de 2010, la Comisión recibió la notificación, de conformidad con lo dispuesto en el artículo 4 del Reglamento (CE) no 139/2004 del Consejo (1), de un proyecto de concentración por el cual las empresas Apotheek DocMorris N.V. (Países Bajos), perteneciente al grupo de empresas Haniel, y K-mail Order GmbH & Co KG (Alemania) adquieren el control conjunto, a tenor de lo dispuesto en el artículo 3, apartado 1, letra b), del Reglamento comunitario de concentraciones, de la empresa Wellsana B.V. (Países Bajos) mediante adquisición de acciones en una empresa en participación de nueva creación. |
| --- | --- |

1.

El 22 de septiembre de 2010, la Comisión recibió la notificación, de conformidad con lo dispuesto en el artículo 4 del Reglamento (CE) no 139/2004 del Consejo (1), de un proyecto de concentración por el cual las empresas Apotheek DocMorris N.V. (Países Bajos), perteneciente al grupo de empresas Haniel, y K-mail Order GmbH & Co KG (Alemania) adquieren el control conjunto, a tenor de lo dispuesto en el artículo 3, apartado 1, letra b), del Reglamento comunitario de concentraciones, de la empresa Wellsana B.V. (Países Bajos) mediante adquisición de acciones en una empresa en participación de nueva creación.

| 2. | Las actividades comerciales de las empresas en cuestión son las siguientes:






  — | Apotheek DocMorris N.V.: comercio minorista de productos de gama farmacéutica a través de farmacias, |
| --- | --- | --- |

2.

Las actividades comerciales de las empresas en cuestión son las siguientes:

—

Apotheek DocMorris N.V.: comercio minorista de productos de gama farmacéutica a través de farmacias,

| — | K-mail Order GmbH & Co KG: comercio minorista de objetos de moda, adorno y enseres para la vivienda y el hogar, así como artículos de salud. |
| --- | --- |

—

K-mail Order GmbH & Co KG: comercio minorista de objetos de moda, adorno y enseres para la vivienda y el hogar, así como artículos de salud.

| 3. | Tras un examen preliminar, la Comisión considera que la operación notificada podría entrar en el ámbito de aplicación del Reglamento comunitario de concentraciones. No obstante, se reserva su decisión definitiva al respecto. En virtud de la Comunicación de la Comisión sobre el procedimiento simplificado para tramitar determinadas concentraciones en virtud del Reglamento comunitario de concentraciones (2), este asunto podría ser tramitado conforme al procedimiento simplificado establecido en dicha Comunicación. |
| --- | --- |

3.

Tras un examen preliminar, la Comisión considera que la operación notificada podría entrar en el ámbito de aplicación del Reglamento comunitario de concentraciones. No obstante, se reserva su decisión definitiva al respecto. En virtud de la Comunicación de la Comisión sobre el procedimiento simplificado para tramitar determinadas concentraciones en virtud del Reglamento comunitario de concentraciones (2), este asunto podría ser tramitado conforme al procedimiento simplificado establecido en dicha Comunicación.

| 4. | La Comisión invita a los interesados a que le presenten sus posibles observaciones sobre el proyecto de concentración.
  Las observaciones deberán obrar en poder de la Comisión en un plazo máximo de diez días a partir de la fecha de la presente publicación. Podrán enviarse por fax (+32 22964301), por correo electrónico a COMP-MERGER-REGISTRY@ec.europa.eu o por correo, con indicación del número de referencia COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV, a la siguiente dirección:





  Comisión Europea |
| --- | --- |
| Dirección General de Competencia |
| Registro de Concentraciones |
| J-70 |
| 1049 Bruxelles/Brussel |
| BELGIQUE/BELGIË |

4.

La Comisión invita a los interesados a que le presenten sus posibles observaciones sobre el proyecto de concentración.

Las observaciones deberán obrar en poder de la Comisión en un plazo máximo de diez días a partir de la fecha de la presente publicación. Podrán enviarse por fax (+32 22964301), por correo electrónico a COMP-MERGER-REGISTRY@ec.europa.eu o por correo, con indicación del número de referencia COMP/M.5994 — Apotheek Docmorris/K-Mail Order/JV, a la siguiente dirección:

Comisión Europea

Dirección General de Competencia

Registro de Concentraciones

J-70

1049 Bruxelles/Brussel

BELGIQUE/BELGIË

---

(1)  DO L 24 de 29.1.2004, p. 1 («Reglamento comunitario de concentraciones»).

(2)  DO C 56 de 5.3.2005, p. 32 («Comunicación sobre el procedimiento simplificado»).

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